TD Securities - "USD/CAD: Sideways range-trading is still “l’ordre du jour” for USD/CAD. The slight upward tilt to the channel could cut either way—the USD is tracking up from solid support in the low 0.97s and on course to retest resistance in the mid/upper 0.98s or it is on the cusp of a renewed slide (potential bear flag in development over the past few sessions). We think the “flag” interpretation is probably not one that will get a lot of traction, if only because the consolidation has now lasted much longer than the 0.9885/0.9735 drop that it is consolidating. But that does not mean that downside risks are to be excluded. Short-term trend momentum is still more negative (USD) than anything. Still, we look for good support on dips to the low/mid 0.97s.